Tag: fashion business

Tips To Find The Perfect Co-Founder

This post was originally written for Create & Cultivate by me (Syama Meagher, CEO of Scaling Retail). Create & Cultivate Is an Online Platform & Conference Series for Female Entrepreneurs in the Digital Space. Its such a useful post, I wanted to make sure my readers saw it.

Many of us have a vision of launching a business with co-founder who is the perfect compliment to our right brain or left-brain selves. Strong creatives tend to seek business strength and vice versa, but actually finding the perfect fit can be more difficult than we like. This is largely because we 1. Travel in circles that tend to be more like us 2. Don’t understand our own personalities, weaknesses and core competencies 3. Are eager to find someone that when we do we say “YES” too quickly. There is a formula to finding the right partner and setting yourself up for success. Lets dive in.

YOUR INNER GAME

Your capacity to understand your traits as a leader is essential. Are you passive aggressive? Can you hire people well, but struggle with firing? Do you think you are always right? Maybe you have self-worth issues. Or, like me, maybe you are a work-a-holic and treat your business like it’s your first-born. No matter what your unique personality type, it’s critical to understand how you work and to be honest about it. Launching a business is not the time to work through your personal baggage, but you are the center of your business so these things do come up.  You need to square away personal obstructions and work through anything that might keep you from performing at your optimum. I suggest making a list of how you like to work, what types of personalities you have worked well within the past, and what might someone else need to know about you to know if you are a good fit for them. Do you like to do things last minute but never miss a deadline? Your potential co-founder will need to know not to worry about your commitment.

“Launching a business is not the time to work through your personal baggage.”

Tweet this.

WHAT YOU BRING TO THE TABLE

Aside from bringing a great idea to the conversation you need to stack up your skill sets. I always ask my clients to make lists: what are they really good at, what would they like to learn, and what is something that they would have to hire out/have zero interest in learning. If you are a creative that struggles with business matters or vice versa it’s important to itemize the specifics. I work with a lot of clients that are creatives and need a business backbone, and let me tell you, you can be successful doing it on your own, but it’s definitely easier when you are working with someone who loves MS Excel if you hate it.

MATTERS OF MONEY

Who pays for what? With a biz partnership it’s cleaner if both parties can equally split liability and expenses. Not only does this keep things feeling balanced, but there is true shared ownership. If going 50/50 is not a possibility and you are looking for a co-founder to fund the operation, you might actually be looking for an investor. In my experience having a co-founder that’s really an investor can muddy decision-making processes. A co-founder should be able to bring something beyond money to the table. They should have skills and expertise that will relate directly to the day-to-day operations. If your co-founder is unable to invest as much money as you are or nothing into the business it’s critical that you stipulate in your operating agreement how your investment gets paid back over time and if/when the company dissolves. At the end of the day this is about playing fair, doing what’s right for the business and yourself.

“Having a co-founder that’s really an investor can muddy decision-making processes.”

Tweet this.

DOING BUSINESS WITH FRIENDS & LOVERS

In theory it’s a wonderful idea to start a business with a friend or romantic partner. Working with someone you know you already like and have things in common can be very rewarding, but it does require knowing yourself very well to pull this off successfully. Before launching into a business idea with someone you care about make sure to ask yourself and him or her- why now? Why would you two be the best to do this together? What complementary traits do you have? Discuss how long you want to test the process and have a trial period together before committing to a contract. And yes, you will want a contract! Business amongst friends/lovers can still get ugly and you want to have a contract out of respect for you and them. The goal is to preserve the relationship and possibly launch an amazing business!

TINDER FOR CO-FOUNDERS

I wish there was Tinder for Co-Founders (kind of like Bumble BFF…). But as of now there are only co-founder sites that really focus on technology. Sites like CoFoundersLab, FounderDating, and Angellist are a few places to look if you are looking to start an ecommerce site, otherwise I suggest good old fashioned LinkedIn and reaching out in Facebook groups, friends and family. As you would on a first date, you need to make sure to meet your potential co-founder for coffee or a drink and not just trust the phone or email. You wouldn’t marry someone without really knowing him or her right? So why would you risk your financial investment working with someone you don’t know well. (Jessica Alba jokes that partnering up with her co-founder is like an arranged marriage.) I suggest dating around. Dating around means having lots of coffees and working on small projects with someone to test out the personality styles and core competencies. Think of it as an experiment. You could sign an NDA, but really, it’s not necessary unless you have a patent pending. Ideas are easy come, easy go, but execution is hard. You need a partner you can execute with that has a shared vision. Don’t expect your first couple dates will yield a co-founder! Be patient.

How To Finance Your Fashion Business

 

It is possible to make your entrepreneurial dreams come true with the right guidance. Everyone always asks how much it will cost
them? Learn how to finance your fashion business with these helpful tips.

If you are ready to launch your brand then set up a consultation. Email: hello@scalingretail.com. Scaling Retail is the consulting firm for retail globally. Specializing in startup and growth stage ecommerce, brick & mortar, and wholesale.

For more tips and exercises for building a fashion website check out
Creating Fashion Websites That Sell by Syama Meagher and Nicole Giordano: http://www.scalingretail.com/product/creating-fashion-website-that-sell/
Check out Scaling Retail website for more business ecommerce and retail tips, reviews and more: http://www.scalingretail.com/

Follow us here
Instagram: https://instagram.com/scalingretail/
Twitter: https://twitter.com/scalingretail
Facebook: https://www.facebook.com/scalingretail
LinkedIn: https://www.linkedin.com/company/nyc-retail-consultant

How to Open A Fashion Boutique?


 

Thinking of opening your on fashion boutique, but don’t know where to start? Watch todays video going through the essential tasks you need to go through to get the ball rolling. Listen to how to nail your concept, financing your business, to where you will launch your boutique. Hope you walk away with some knowledge and motivation to launch your brand! Looking forward to your comments.

If you are ready to launch your brand then set up a consultation. Email: hello@scalingretail.com. Scaling Retail is the consulting firm for retail globally. Specializing in startup and growth stage ecommerce, brick & mortar, and wholesale.

For more tips and exercises for building a fashion website check out
Creating Fashion Websites That Sell by Syama Meagher and Nicole Giordano: http://www.scalingretail.com/product/creating-fashion-website-that-sell/
Check out Scaling Retail website for more business ecommerce and retail tips, reviews and more: http://www.scalingretail.com/

Follow us here
Instagram: https://instagram.com/scalingretail/
Twitter: https://twitter.com/scalingretail
Facebook: https://www.facebook.com/scalingretail
LinkedIn: https://www.linkedin.com/company/nyc-retail-consultant

The Ultimate Guide to Selling Wholesale

Its that time of the summer! Did you just show at the POOL Tradeshow or MAGIC? Maybe you are getting prepped for Capsule in NY or you just showed at NYNOW. Or maybe this season you have said enough! And will be doing you own buyer preview in house. With trade shows abound and buyers ready with their OTB (Open-to-buy), its an exciting time to be a brand. To ensure a selling season that sees results follow my ultimate guide to selling wholesale.

 

Syama’s Ultimate Wholesale Selling Guide!

 

  1. Create a smart outreach schedule. Implement project management apps like ASANA that will help you organize your calendar and to do list. You can delegate to team members and approve and share doc’s. If you want approval on your invites – stop sending them out on emails and share them with your team in a way where everyone can see eachother’s feedback. Every week for the 6-8 weeks around the buying season you should be emailing, calling and sending out postcards. No response is not a no.
  2. Check your email open rates. Tired of sending out well thought out emails to individual buyers and not getting feedback? They may not even be reading your emails. Implement Streak (my favorite tool) to see if your subject headers are having any results. If no one opens, its time to resend the same email with a different subject header.
  3. Build up your perceived value and tell everyone about it. Use your social media channels, your newsletters and your individual buyer emails to pump up your brand. Include your best press outlets, the influencers that love your brand and any important retailers that your audience would want to know about. You want to create the impression of “Wow, this brand is getting traction, I need to know about this”. Anytime something great happens think of the 3-5 places you can syndicate it out to.email
  4. Yes, numbers count. Your buyers, editors and influencers will check your social media numbers. If you are a new brand and just launching, it doesn’t matter. Most brands are building up their social media channels 6-12 months before they launch so they can get traction. If you are doing this supper last minute- which is not the preferred method- I suggest 1. Streamlining your social media channels to Instagram and Facebook 2. Front loading your channel with lifestyle, brandcentric and product images 3. Hiring a bot like (FastFollowerz) to help you with engagement and follower numbers. This is not the long term strategy simply because fake followers don’t care about your brand, they won’t buy and they screw with all your numbers (engagement, follower rate etc.) However, if you have not done the preparation to get your brand in great shape with social media you may not have a chance at market without a strong online presence. The alternative is that you can start building organic now and do your big push in Feb market. No need to rush something so important like you brand presence online.
  5. Get innovative with selling tools. Who says you need a full scale printed lookbook and linelist with all your products. There are so many ways to get your brand noticed. Some of my favorite ideas are custom USB sticks (email maxs@usbmemorydirect.com, for a free sample!). I also love the idea of using a smaller directional printed book- something that really just highlights the direction, mood and feel of the collection. You can always email the full stack loobook and linelist to the buyer. Another favorite idea is to do a 4-week postcard campaign with a different image from the collection on each one. What a great way to tell a story!
  6. Be cohesive. If your website is not in good shape, then why waste the time pitching? I always would check out someone’s website when I was a buyer and see how they present themselves. Are you echoing the same message on your social media channel? When you write your emails and create branded assets do they all have the same verbiage? Every email you send is a branding opportunity. If you do not brand yourself, you will be branded! You don’t need to spend a fortune on an amazing site, with careful planning and the right help you can get a full stack build out for $3k- its true. Look like you are funded, even when you are not.YouTube Video How to Create a Page That Sells
  7. Long-term game. No matter how seasoned you are you need to remember that buyers are people and want to build relationships, not just buy products. If your entire business rests on sales from one season then you shouldn’t be in this business. Better off to invest your time in another business, one that doesn’t require so much relationship building and time. There is no magic to hard work.
  8. Present with perfection. Yes, you need branded hangers. Yes, you need garment bags. Yes, you need stickers to add to boxes when you ship out samples. It’s in the details. When you are one of a thousand brands pitching and you get the opportunity to put your product in front of the buyer or to send them samples you have increased your chances to one of a few hundred. Why blow the opportunity by not making it the best darn presentation you can.show the clothes
  9. Pitch 365 days a year. Well, technically no, but you cann
    ot just communicate with someone when you need them. It’s like a friend who only asks you to coffee when they want you to lend them money. This is why brands hire showrooms and sales reps. since they keep the relationships warm all year round. You should be planning your off month communication so that when the official selling season is over you are still in touch. This way if you have any immediates (products with inventory on hand) or want to chat about exclusives or even next season you will have their ear.
  10. Know your Operations! This is a no-brainer. You have got to know what kinds of payment terms, minimums, shipping deadlines, EDI requirements, chargebacks, and logistical elements will be asked of you. Can you work on drop-shipment, cross-shipment, consignment? If you are not prepared with the backend, all the front-end work you have done and product development will have been for naught. If you are not familiar with the logistics and operations then educate yourself right away.

 

Best of luck this selling season! I know it’s difficult to sell your products to retail buyers. As a former buyer and consultant for brands, I have spent the last 15 years in this industry and have seen the rapid changes. Veterans in fashion don’t know how to play in the new landscape of wholesale, retail, popup shops, mobile commerce and social media. You need to arm yourself with a strategic plan to leverage the best of your brand and build from there. Your business model may be different from your peers, but finding the right model for you will help you with longevity and success. Here is to your successful selling season!

 

Syama Meagher is a retail strategist for brands and retailers. She helps entrepreneurs launch and grow fashion business built to last through ecommerce, wholesale and brick & mortar. Syama is a former at Barneys New York, Gucci, AHAlife and Macy’s. To build your brand and create a profitable business check out www.ScalingRetail.com and email hello@scalingretail.com

 

How the Business of Fashion Has Changed


 

With constant changes in technology, fashion has had to play catch up and change its structure completely. Today I go through how fashion buying is happening more often rather than a season to season module and how fashion is cutting out the middle man. Leave me a comment below if you have any questions.

For more tips and exercises for building a fashion website check out
Creating Fashion Websites That Sell by Syama Meagher and Nicole Giordano: http://www.scalingretail.com/product/creating-fashion-website-that-sell/
Check out Scaling Retail website for more business ecommerce and retail tips, reviews and more: http://www.scalingretail.com/

If you are ready to implement new sales, marketing or merchandising strategies to your business then set up a consultation. Email: hello@scalingretail.com Scaling Retail is the consulting firm for retail globally. Specializing in startup and growth stage ecommerce, brick & mortar, and wholesale.

How to Write a Buyer Pitch Email

How to sell to Barneys NY, Saks and Neimans? Write a killer pitch email to get buyers talking about your brand! Simple easy template to get you talking to the write buyers.

Did you find this video helpful? Need more tips? Leave a comment below, so we can chat!

Thank you for watching.

For more tips and exercises for building a fashion website check out
Creating Fashion Websites That Sell by Syama Meagher and Nicole Giordano: http://www.scalingretail.com/product/creating-fashion-website-that-sell/
Check out Scaling Retail website for more business ecommerce and retail tips, reviews and more: http://www.scalingretail.com/

Contact Syama for any questions: Syama@scalingretail.com

Follow us for here
Instagram: https://instagram.com/scalingretail/
Twitter: https://twitter.com/scalingretail
Facebook: https://www.facebook.com/scalingretail
LinkedIn: https://www.linkedin.com/company/nyc-retail-consultant

Mindfulness For The Fashion Entrepreneur

 

Hey there! Thank you so much for tuning in. This is one of my favorite subjects to talk about. It is very important to be healthy while running your business. These easy steps can really make a difference on how you approach your daily tasks and making great business decisions.

Here is the link to getting your short meditation in the mornings!

8 Min Morning Meditation: http://www.scalingretail.com/product/8-min-morning-meditation/

Please leave your comments below and let me know how you approach mindfulness in your busy schedule.

Feel free to tell a friend and share the video!

Thank you so much.

For more tips and exercises for building a fashion website check out
Creating Fashion Websites That Sell by Syama Meagher and Nicole Giordano: http://www.scalingretail.com/product/creating-fashion-website-that-sell/
Check out Scaling Retail website for more business ecommerce and retail tips, reviews and more: http://www.scalingretail.com/

Contact Syama for any questions: Syama@scalingretail.com

Follow us for here
Instagram: https://instagram.com/scalingretail/
Twitter: https://twitter.com/scalingretail
Facebook: https://www.facebook.com/scalingretail
LinkedIn: https://www.linkedin.com/company/nyc-retail-consultant

Here is a portion of the transcript!

As an entrepreneur, day to day, you have so many responsibilities, so many things that you’re having to work on. You’re constantly switching from the role of CMO, to CEO, to assistant, to intern, you’re basically everything for your business all the time. So the better that we actually can get at managing our time and the better we can get at being connected to the times that we are present, the better decisions that we’re going to make.

So if you had a hard time sleeping last night and it was maybe because you’re up checking your phone up until midnight. Well, I’m going to share with you this first step that’s really going to help you start to sleep better and it’s really going to start to help you detach from being connected. And that is something called a digital detox. Now, it doesn’t have to be as complicated or as daunting. I’m not asking you to turn away your cell phone for a whole week or to turn off your computer for a week, but simply taking some small steps on a regular basis will help you start to wind down, cultivate some sleep hygiene, and actually start to get a better rest at night. And therefore, allow you to be better and more productive in the morning. So how do you do that?

Well, my suggestion is to really start to set aside little chunks of time where you turn your cell phone off. If it’s not available to you to turn your cell phone off at 8:00 at night every night, and have dinner, hang out with friends, relax and go to bed. Then maybe even think about turning it off for an hour or two during the day. Will that be possible? Maybe it even possible to turn it off, have it off in the morning. Find an alternate alarm system or a way of getting up in the morning, so you’re not so reliant upon your cellphone as everything. As much as Apple wants us to rely on our cell phone to be our lifeline and connect us to everything, it’s actually really important for us for our REM cycles at night, when we’re sleeping, to be able to get our full night sleep and to be able to really detach from that. Maybe it’s just one night this week where you turn it off for an hour or two. Maybe you turn it off for the whole night and maybe you take a couple of minutes in the morning to actually breathe and acknowledge your space before you turn it back on again. Take some baby steps, but I guarantee over a period of time you’re going to see some real benefits and results for yourself, psychologically, which will then really relate to your business in a very tangible way.

All right, action plan number two. This one is pretty easy. Eat your lunch with both hands. Maybe eat your breakfast with hands. Maybe eat your dinner with both hands.